October 15, 2019 Headlines

Treasury yields are lower this morning in a follow through to yesterday’s sharp rally in the futures market (i.e., investors fading Friday’s risk-on trade). U.S. equity futures are higher ahead of the open after some large banks released better-than-expected Q3 earnings reports. The White House announced sanctions against Turkey last night and called for an immediate ceasefire in Syria. However, the sanctions were not as severe as the markets were expecting, and as a result, Turkey’s currency and its benchmark stock index rose following the announcement. This week’s economic calendar is headlined by tomorrow’s release of September retail sales data. Personal consumption has remained solid in recent months despite the weakness in business investment and other areas of the economy, so market participants will be looking for any signs of reduced spending by consumers. 

Jason Haley
Managing Director, Investment Management Group

10/15/2019 – 10/18/2019Monthly Budget Statement$83.0b$119.1b
10/16/2019MBA Mortgage Applications5.20%
10/16/2019Retail Sales Advance MoM0.30%0.40%
10/16/2019Retail Sales Ex Auto MoM0.20%0.00%
10/16/2019Retail Sales Ex Auto and Gas0.30%0.10%
10/16/2019Retail Sales Control Group0.30%0.30%
10/16/2019NAHB Housing Market Index6868
10/16/2019Business Inventories0.20%0.40%
10/16/2019U.S. Federal Reserve Releases Beige Book
10/16/2019Net Long-term TIC Flows$84.3b
10/16/2019Total Net TIC Flows$43.8b
10/17/2019Building Permits MoM-5.30%7.70%8.20%
10/17/2019Building Permits1350k1419k1425k
10/17/2019Housing Starts1320k1364k
10/17/2019Housing Starts MoM-3.20%12.30%
10/17/2019Philadelphia Fed Business Outlook812
10/17/2019Initial Jobless Claims215k210k
10/17/2019Continuing Claims1670k1684k
10/17/2019Industrial Production MoM-0.20%0.60%
10/17/2019Manufacturing (SIC) Production-0.30%0.50%
10/17/2019Capacity Utilization77.70%77.90%
10/17/2019Bloomberg Consumer Comfort62.7
10/17/2019Bloomberg Economic Expectations49.5
10/18/2019Leading Index0.10%0.00%
10/22/2019Richmond Fed Manufact. Index-9
10/22/2019Existing Home Sales5.45m5.49m
10/22/2019Existing Home Sales MoM-0.70%1.30%











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